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Author Topic: Questionable wealth because of Crypto  (Read 727 times)
RodeoX
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March 19, 2018, 02:01:06 PM
 #41

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

What country? What government? In the USA it may draw attention if you suddenly are paying $10k a month in taxes. But you can only be charged with drug dealing after an investigation, arrest, and a trial proving your involvement in drug dealing. The government can't just say "Hmmm. you seem too rich, we're going to jail you just in case".

P.S. They believe me. Just file your taxes.

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March 19, 2018, 02:01:59 PM
 #42

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?
You wouldn't have to explain anything to them. It's not you, who must prove your innocence, but them, prosecutors, who have to furnish with proofs.
sergeykravcov177
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March 19, 2018, 02:14:15 PM
 #43

Simply, this wealth can always be considered doubtful because until you bring this wealth out so it will be digitized lying on your wallet.
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March 19, 2018, 02:18:17 PM
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 #44

There should be records when you sell your BTC in exchanges especially when you need to go through identity verification. This can easily prove that the Bitcoin belongs to you. I suggest that you should keep all records of buying and selling of Bitcoin. In this case, you can present to your government when required.
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March 24, 2018, 11:09:26 AM
 #45

Some of the countries like mine and many establisment in my home country doesn't know what bitcoin and cryptocurrency is. There's a time when I try to encash my bitcoin into fiat and make my way into the money exchanger the guard ask me why I got so much money to withdraw with bitcoin because their staff dont know what bitcoin is and asking me over and over what bitcoin is and if its illegal or not. I think Knowledge and understanding or even promoting bitcoin itself can make a way with living with crypto without asking too much about the wealth of people who are using it.

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March 24, 2018, 11:11:22 AM
 #46

If you became rich directly from your investments in BTC then that is an easy thing to prove, and you should not have any problems with any government. On your capital gain you should pay taxes as well. The same way you would if you became rich from real estate or playing the stock market.

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March 24, 2018, 01:18:12 PM
 #47

yes this can be questionable by the government because they are checking how did you get such huge amount of money? because there are many mediums like drugs and illegal trades that can also be subjective as per regulations being a suspect to this kind of market is another thing to be considered when transacting big amounts you must have some supportive docs or business to prove that this money came from trading or investing and the like and not from money laundering and other criminal ways.
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March 24, 2018, 01:31:25 PM
 #48

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

Just explain them that you have got the money from bitcoin. Who knows they will be happy to know that and might just ask you how you do it and may get involved themselves. After all they are also people who needs money. Lolz. At least in my country this will surely happen if I go and file a tax worth millions. They might just ask for some bribe I guess and will sort out the matter immediately. Who knows that might just happen out of greed of the money!  Cheesy

Well, if you are from well developed country then I dont think there will be any kind of problem once you file the taxes and go with the procedure. You are not stealing money at all! No need to explain!
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March 24, 2018, 01:37:56 PM
 #49

If you are rich because of bitcoin, you have usually proof of it. You either purchased bitcoin or received it for offering services or trading products. You have a wallet with the transactions to prove how you accumulated them.

Despite of this, if your government sentence people to prison without proof of criminal offenses committed, it might be worth leaving your country and go to where bitcoin wealth is fairly treated. In some countries you even do not have to pay taxes on it. Think about it.
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March 24, 2018, 01:44:08 PM
 #50

If you became rich directly from your investments in BTC then that is an easy thing to prove, and you should not have any problems with any government. On your capital gain you should pay taxes as well. The same way you would if you became rich from real estate or playing the stock market.

I believe that everything can be proven, and what that has with anything, people know are they doing something legal or illegal and if they get caught there will be some consequences.
To add a little humor into this gray topic, do you know what you never ask a woman? How old is she! And what you think what you never ask a man? How he earned first million! How older I am, more I believe in this saying, it is like that. Earn that money somehow and if you continue to earn more its ok, you will cover your tracks, and because you are so rich nobody will ask you nothing, but if you don't continue to earn and make more profit government will bust you, one way or another, legal or illegal you need to pay some kind of task and protection from governments.
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March 24, 2018, 01:52:19 PM
 #51

The anonymous payment of BTC can evade detection, which is the disadvantage of BTC and is also one of the characteristics of BTC.


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March 24, 2018, 01:52:38 PM
 #52

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?
i can't sleep very well now when i know this bitcoin but i accept that because i need money for my future

I think money is everything and we can earn here but there's no need to be an addict because of that

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March 24, 2018, 02:07:32 PM
 #53

I just recently heard a story about a friend and neighbors were curious about him getting rich instantly. He was already suspected to be a drug lord which I can attest that bitcoins are the main reason behind his instant wealth.
He helps his family to finish building their house, gives monthly to his family and even buys himself what he wants.
However, there is no taxes on bitcoins for now and I think many will still assume that what he does is illegal. There is nothing much we can do about it but to tell the truth or even provide evidences that bitcoins provide such opportunity to earn big time and its just a matter of hard work. If taxes are implemented then pay taxes for assurance of legal activities.
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March 27, 2018, 08:03:24 AM
 #54

If you became rich directly from your investments in BTC then that is an easy thing to prove, and you should not have any problems with any government. On your capital gain you should pay taxes as well. The same way you would if you became rich from real estate or playing the stock market.
Bitcoin is just like other modes of investments such as real estate, stock market but the difference lies in the digital nature of the bitcoin. Besides the potential of bitcoin to fluctuate in prices at any time and at any level. So if you have invested your hard earned money into bitcoin and are now enjoying the sweet fruits of your investments, I don’t think so there should be any problem in proving your assets to state.
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March 27, 2018, 08:51:56 PM
 #55

Over time, you will begin to understand the trends and varieties of the crypto currency, which will allow you to multiply your income several times.
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March 28, 2018, 02:56:59 PM
 #56

As expected if you live in a third world country and perhaps live around a poor suburb and suddenly amass wealth through cryptocurrencies the locals will be suspicious of your wealth with different views some will attribute your to wealth to ritual I.e blood money, some will say it's from internet scam of course it requires strenuous efforts in explaining your source of wealth else your dignity will be suspicious.

 
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March 28, 2018, 03:04:17 PM
 #57

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?
You wouldn't have to explain anything to them. It's not you, who must prove your innocence, but them, prosecutors, who have to furnish with proofs.
Yes of course it is, and you shouldn't have and no need to explain to everyone about your wealth and since they was out of your business too so we are not required to explain it to them. But if you are thinking about what others may think just be a low profile person and just an ordinary so they can't trace that your already wealthy.

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March 28, 2018, 04:32:37 PM
 #58

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

Don't worry there are ways to manage your funds in a proper way and make a statement of those funds which you are gaining and moving in & out. The government will surely believe in you if you show them a proper statement. In our country, India the government are planning to link all the financial income and outcome to the PAN number and then all it will be a link to the Unique Id of the Citizen AAdhar by which they can easily make a record of the white income made by the citizen.

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March 28, 2018, 04:45:24 PM
 #59

currently it's very difficult to explain we can able to earn money from bitcoin because most of government considers bitcoin is scam and already scammed many people but in your country as long as earn bitcoin not against the law and not forbidden i think government will fine and you will not got in jail
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March 28, 2018, 04:49:47 PM
 #60

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?
easy, let alone bitcoin is now widely known to the public. you just need to give a statement if you invest in bitcoin, explain also the benefits to them. they may even join to join after know from you about this bitcoin.
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